Lake Michigan Inc. excluded a $125,000 discharge of indebtedness from gross income. Before the exclusion, it had had an NOL of $95,000 and a general business credit carryforward of $60,000. How much of the general business credit must be reduced?

A-$60,000
B-$30,000
C-$10,000
D-$20,000

asked by Danny

15 years ago

466 views

0

0

Ask a New Question or answer this question.

Question

Lake Michigan Inc. excluded a $125,000 discharge of indebtedness from gross income. Before the exclusion, it had had an NOL of $95,000 and a general business credit carryforward of $60,000. How much of the general business credit must be reduced?

A-$60,000
B-$30,000
C-$10,000
D-$20,000

A-$60,000
B-$30,000
C-$10,000
D-$20,000